NZAuASB Update #1

This NZAuASB Update provides you with an overview of the New Zealand Auditing and Assurance Standards Board’s recent activities, any new standards or interpretations, as well as other matters of interest.

Recent meeting

AuditingProfessional & EthicalOther Assurance

NZAuASB February meeting

The NZAuASB met on Thursday 8 February to discuss a range of topics affecting the professional and ethical standards, auditing standards, and other assurance engagement standards.

Agenda items included:

the final adoption of the new requirements on auditor rotation;

an associated amendment to the Public Interest Entity (PIE) definition to exclude those entities which voluntarily report under Tier 1;

a review of submissions on the draft standard for the audit of service performance information;

discussion of our project to develop a standard for examination of prospective information; and

consideration of the independence requirements for other assurance engagements.

In case you missed it…

Key audit matters

As well as reviewing the auditor’s reports of 168 entities, the survey engaged directly with investors, preparers, directors and auditors.

The purpose of this publication is to provide insights into the experience to date to help improve New Zealand auditor reporting. Take-up of the new requirements for extended auditor’s reports has been positive.

Have your say…

Professional & Ethical

IESBA fee survey

The International Ethics Standards Board for Accountants is exploring matters related to fees charged by firms with a view to determining whether there is a need for further enhancements to the Code of Ethics for Professional Accountants or the commissioning of staff guidance.

We are committed to adopting the international Code, and so it is important that the IESBA is informed of your views so that any future changes to the Code can reflect our New Zealand Conditions.

We encourage you to respond to the survey, as your responses will help inform the IESBA’s consideration of all relevant matters.

The deadline to respond to the fee survey is 1 March 2018.

Upcoming event

NZAuASB April Board meeting

The next meeting of the Board will be held on 11 April 2018. Agenda items include consideration of:

Comments received on ED 2017-2, New Zealand Auditing Standard XX The Audit of Service Performance Information

The restructured Code of Ethics for Assurance Practitioners

The NZAuASB meetings are open to the public.

You can access the public agenda, meeting papers and register to attend on the XRB website. The public agenda and meeting papers are available approximately 10 days prior to the meeting.

This NZAuASB Update is intended to provide subscribers with a summary of the recent activities of the New Zealand Auditing and Assurance Standards Board (NZAuASB). Links to websites are correct at the time of publication. Subscribers should not rely on this newsletter as a definitive publication of updates. The External Reporting Board and its sub-Board the NZAuASB do not guarantee, and accept no legal liability whatsoever arising from or connected to, the accuracy, reliability, currency, timeliness or completeness of this newsletter. The information contained in this newsletter does not constitute advice and should not be relied upon as such.